UK expands Future Fund to include startups based abroad


Britain’s Chancellor of the Exchequer Rishi Sunak takes part in a national “clap for carers” to show thanks for the work of Britain’s National Health Service (NHS) workers and frontline medical staff around the country as they battle with the coronavirus pandemic, on the steps of the Foreign and Commonwealth Office (FCO) on April 16, 2020 in London.

Tolga Akmen | WPA Pool | Getty Images

The U.K. government has expanded its rescue package for start-ups impacted by the coronavirus pandemic to include businesses whose parent companies are based abroad.

The so-called Future Fund was created by the U.K. Treasury in April to provide a lifeline to unprofitable tech firms unable to gain access to other relief financing initiatives. Though the government had set aside billions of pounds in emergency loans for firms hit by the crisis, start-ups said this did not apply to them as they had to prove a history of consistent profits. Many venture capital-backed start-ups operate at a loss in order to accelerate growth.

But tech industry leaders have been calling for Prime Minister Boris Johnson’s administration…

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